Shortly before Obama's statement, congressional leaders emerged without a deal to avoid a combination of spending cuts and tax hikes which could collectively significantly reduce the country's economic output.

Obama is urging House Republicans to put his proposal, which would preserve Bush-era tax rates on income below $250,000. So far House Speaker John Boehner has opposed bringing that to the House floor.

In short remarks, Obama reiterated his call for the introduction of a measure that would keep tax rates in place for middle-class families, as well as passing an extension of unemployment benefits.